V.O.C.
The Venezuelan Oil Concessions is evidently benefiting by the result of conservative finance in the past. This was made clear, at the recent meeting, by Lord Bearsted, who also referred to the conservative policy of restricting fresh enterprise in exploration and well sinking. Depreciation rates, he pointed out, can be reduced in some cases in the light of experience, and in others they cease because the assets have been entirely written off, while as regards field and exploration expenditure, there was a cut last year of £852,000. Moreover, the company was partly protected against the effect of low prices by its close association with the Royal Dutch Shell group, without which, in Lord Bearsted's opinion, it would not have been possible for the company to dispose of its large production at what could only be considered favourable prices in the present state of the
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